Pension Awareness Week: A Perfect Time to Check In on Your Future
National Pension Awareness Week (15–22 September) is all about getting people talking about pensions. It’s a chance to pause, reflect, and make sure the money you’re putting away today is really working towards the future you want.
If you’re already saving, whether through your workplace pension, personal savings or other investments, you’re on the right track. But even the most diligent savers can sometimes miss opportunities to make their money work harder, or forget to check whether their pension is aligned with their goals.
This week, why not take a fresh look?
Start With Your Workplace Pension
For most people, a workplace pension is the foundation of their retirement plan. Employers are required to make contributions and many will even match extra payments you make. That’s ‘free’ money towards your future.
Quick check:
Do you know how much your employer is contributing?
Could you afford to increase your own contributions, even slightly, to get more from your employer?
Are your details up to date, so you don’t miss out on statements and updates?
Make the Most of Tax Relief and Annual Allowances
When you pay into a pension, the government gives you tax relief. For every £80 you put in, £100 could end up in your pension if you’re a basic-rate taxpayer and more if you’re a higher-rate taxpayer.
There’s an annual allowance (currently £60,000 in the 2025/26 tax year, though it can be lower depending on your circumstances). If you’re fortunate enough to be a high earner, checking your contributions against this allowance is important so you don’t overpay and risk unexpected tax charges.
Where Is Your Pension Invested?
A pension isn’t just a savings account. The money is usually invested across different funds and assets. Over the long term, these investments are what help your pension grow.
But not all funds are the same. Some may carry higher risk; others may grow more slowly but feel steadier. Many schemes now also offer sustainable or ethical options.
Tip: Look at where your pension is currently invested. Does it match your time horizon and your comfort with risk? If not, it may be worth reviewing your options.
Don’t Lose Track of Old Pensions
With people changing jobs more often than ever, it’s easy to build up multiple small pension pots with different providers. According to the Association of British Insurers, there are billions of £ in unclaimed pensions across the UK.
Action point: If you’ve had more than one employer, make a list and track down any old pensions. The government’s Pension Tracing Service is a good starting point.
Think Beyond Just the Pension Pot
Retirement planning isn’t only about how much you save, it’s also about when and how you’ll access it. Will you need flexibility early on? Do you want to make sure your pension can provide for your family if something happens to you?
These are the kinds of questions that can feel overwhelming if you try to tackle them alone. That’s where speaking with a financial planner can make a real difference.
Remember: Everyone’s Situation Is Different
It’s worth saying that pensions and financial planning can be complex. Things like annual allowances, tax relief, and investment choices can depend heavily on your personal circumstances.
If you’re feeling unsure, don’t worry you’re not alone. It’s important to take things at your own pace, ask questions, and seek support where you need it.
A Small Step This Week Could Make a Big Difference Later
Pension Awareness Week is about making time for your future, without feeling overwhelmed. You don’t need to have all the answers today. Just starting the conversation with your employer, your family, or a professional adviser is a great first step.
At Four Pillars Financial Planning, we’re offering a free 20-minute consultation during Pension Awareness Week. It’s a chance to:
Get clarity on where you stand
Understand what your pensions could mean for your future
Ask the questions you’ve been putting off
No jargon. No pressure. Just a conversation about your future, in plain English.
Important note: The information in this article is for general guidance only and should not be taken as financial advice. Your circumstances are unique, and professional advice should be sought before making decisions about your pensions or retirement planning.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
Workplace pensions are regulated by The Pension Regulator.
Your pension income could also be affected by the interest rates at the time you take your benefits. The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation, and regulation, which are subject to change in the future.